Krikorian highlights the Bank of North Dakota, which was founded in 1931 and reportedly raked in over $300 million during the last decade, as an exemplary model for Ohio to study.
“When we look at our society today, we see many similarities to what the business leaders at that time were dealing with,” Krikorian told CityBeat. “We had both progressive Democrats and progressive Republicans looking for a way to fight the push and pull between Wall Street and Big Banks, and even now public banking is something that forward thinking individuals are looking at.”
A Public Bank of Ohio would alleviate the strain the financial crisis in Europe puts on the local economy, he adds. For example, in Greece where wild spending and lenient financial reforms has led to a $4 billion national debt, the Euro has been crippled and U.S. investors could soon feel the crunch as well. Fitch Ratings has reported that 10 of the largest U.S. prime money funds have around half of their assets stored in European banks, which means those banks could soon become jeopardized as the contagious European financial crisis reaches its hand across the pond.